Businesses must act quickly or face missing out on limited BBLS and CBILS funding
There’s no denying that 2020 has had its fair share of dark clouds looming overhead for UK businesses. And, with rumours of a recession confirmed last month, the road to economic recovery is unlikely to be without a few twists and turns. There is however a silver lining in that, once secured, the government-backed funding available to businesses right now will continue to provide support long into 2021 – and beyond.
In their latest report covering Q2 2020, the SME Finance Monitor found that almost all SMEs knew of one or more government support scheme with 73% aware of the Coronavirus Business Interruption Loan Scheme (CBILS), for example, and 65% aware of the Bounce Back Loan Scheme (BBLS). That’s a massive jump from pre-pandemic support scheme awareness which rarely exceeded 30%.
